Case Studies

Physically Distressed Property

Case Study 1 Long-Term Rental in NE Portland

Challenge Category:
Physically Distressed Property

Property Description:
Smoke Damaged and Physically Distressed Single Family Home

Our Seller's Challenge:
Our out-of-state seller owned a home in Portland that had been a long-term rental. The prior tenants had collected an enormous amount of junk in and around the property, modified the home without permits, and finally abandoned the home after starting a fire in an upstairs bedroom. Our seller was left with a home with severe smoke damage, an unpermitted home addition, numerous city nuisance violations and liens, and nearly fifty cubic yards of debris.

The Phoenix Solution:
We worked with our seller and the City of Portland to properly secure the property, fully define the nuisance violations, permit violations and outstanding fees, and work out a plan for addressing these issues with the City. This pre-purchase planning included meeting with the City of Portland’s field inspection group and our third-party engineering firm to define, open, and pay for a set of structural, electrical, and plumbing permits to fully address the City’s concerns about the property. We then worked with the City of Portland’s finance department to negotiate, on behalf of our seller, a substantial reduction of the nuisance and permit violation fees for the property.

We then closed our all-cash, as-is purchase of the property ahead of schedule. All of this was accomplished in coordination with Ticor Title and a title office near our seller’s home in California, allowing the entire transaction to be completed without our seller having to travel to Portland.

Our Seller's Outcome:
We then closed our all-cash, as-is purchase of the property ahead of schedule. All of this was accomplished in coordination with Ticor Title and a title office near our seller’s home in California, allowing the entire transaction to be completed without our seller having to travel to Portland.

Case Study 2 Family Home in SW Portland

Challenge Category:
Physically Distressed Property

Property Description:
Family Relocating from a Single-Family Home

Our Seller's Challenge:
The owner of this home was experiencing the stress of trying to take a new job out of state, sell an unmarketable home, and relocate his family to another home in a new city, all by a rapidly approaching deadline. The current home had significant water-entry problems and multiple leaking oil tanks that left the home unable to qualify for financing and made it undesirable to buyers in an already tough real estate market. The owner needed an all-cash, as-is buyer that could give him the certainty of a rapid and smooth home sale.

The Phoenix Solution:
We worked with our seller to craft an all-cash, as-is transaction with a rapid closing. Our twenty plus years of experience dealing with environmental issues gave us the ability to accept the home in its as-is condition without the need for additional seller disclosures, costly seller-paid repairs, or legal contracts that left our seller with potential future liability for the home.

Our Seller's Outcome:
In less than twenty-four hours from his initial call to Phoenix Redevelopment, our seller had a sale transaction that gave him a clear path to achieve all of his other goals. His unmarketable home was sold, he was able to focus on his new job, and he could complete the move of his family into a new home in their new city.